On July 30, the group announced that it has entered into an agreement to dispose of its stake to “several Moroccan investors”.

Cosumar is a company that was incorporated in Morocco and listed on the Casablanca Stock Exchange. The company’s principal business is the production of sugar through the processing of sugar cane and sugar beet in Morocco. It also refines imported raw sugar and does the marketing and distribution of these products.

The completion of the sale is slated to take place in the fourth quarter of 2023 at the latest.

At the same time, Wilmar has, within the same agreement, agreed to acquire Cosumer’s entire 45% stake in for MAD 85.1 million. The transaction will result in Wilmaco becoming Wilmar’s wholly-owned subsidiary. Wilmaco was incorporated in Morocco and is in the business of producing, developing and processing vegetable fat and their by-products. The company also imports, exports and markets these products. The construction of the Wilmaco specialty fats facility in Morocco is ongoing and is expected to be completed in the fourth quarter of 2023.

Wilmar has also agreed to acquire Cosumer’s entire 43.275% interest in Durrah Advanced Development Company for a consideration of 242.8 million Saudi riyal (SAR) or $86.0 million. The move will see Wilmar upping its current stake of 5% to 48.275% upon the completion of the transaction. The balance stake of 51.725% interest in Durrah is held by local Saudi investors.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/ma/keppel-corp-acquires-european-fund-manager-wider-fum-push?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Keppel Corp acquires European fund manager in wider FUM push</a></b></span>

Durrah Advanced Development is a Saudi Arabia-incorporated company which refines imported raw sugar. The company also markets and distributes these products.

The transaction for Wilmaco and Durrah Advanced Development is not expected to have a significant financial impact on Wilmar.

Shares in Wilmar closed 1 cent higher or 0.26% up at $3.84 on July 28.

Wilmar to dispose 30.05% stake in sugar production business for $813.2 mil

MSCI boss warns of climate risks

Keppel to acquire 50% stake in European asset manager Aermont Capital for up to $517 mil

Local banks 'resilient' in 2023, but MAS warns of deteriorating asset quality, climate transition risks

The new kings and queens of content

Singapore’s headline and core inflation figures increase to 4.7% and 3.3% in October

UOB Kay Hian lowers MPACT’s TP, DPU on lower contributions from China and further depreciation on forex

Matter of time before Straits Times Index stages rally

About 62.5% of shares in VTAC have been redeemed prior to the despac

Wilmar to dispose 30.05% stake in sugar production business for $813.2 mil

Related News

Highlights

MSCI boss warns of climate risks

Related News

Keppel Corp acquires European fund manager in wider FUM push

From one war to two: OCBC expects slower loan growth, sustained NIMs after 3QFY2023

Brokers’ Digest: Sheng Siong, iFast Corp, Wilmar, CSE Global, OUE Commercial REIT, CLAR, CLAS